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*Caterpillar (CAT) Q3 2025 Earnings Analysis: Stock Surges on Record Revenue & Backlog | CAT Financial Results*

Caterpillar Inc. (NYSE: CAT) delivered **strong third-quarter 2025 financial results**, leading shares to surge by 13% to 14%. The company reported results on October 29, 2025. This deep dive breaks down the record revenue, segment performance, and the headwinds impacting profitability.

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*KEY HIGHLIGHTS & FINANCIAL RESULTS*

Caterpillar posted an *all-time record for a single quarter* in sales and revenues.

*Total Sales and Revenues:* $17.6 billion, marking a *10% increase* compared to 3Q 2024. This revenue figure exceeded Wall Street estimates.
*Adjusted Profit Per Share (Adjusted EPS):* $4.95. This result topped the consensus estimate of $4.52.
*GAAP Profit Per Share:* $4.88. The 3Q 2025 profit per share included a reduction of about $0.18 per share due to a higher estimated global annual effective tax rate of 24.0%.
*Record Backlog:* The company achieved an *all-time record backlog* of **$39.8 billion**. CEO Joe Creed noted that this "growing backlog, positions us for sustained momentum and long-term profitable growth".

*SEGMENT PERFORMANCE & MARGIN PRESSURE*

The performance was driven by resilient demand across the three primary segments. However, operating margins faced pressure from increasing costs, particularly tariffs.

*Energy & Transportation (E&T):* This segment was the clear standout, with total sales increasing *17%* to $8.397 billion. Segment profit also rose 17%. Growth was fueled by *Power Generation* (up 31%)—specifically large reciprocating engines for *data center applications**—and **Oil and Gas* (up 20%).
*Construction Industries (CI):* Total sales increased *7%* to $6.760 billion, primarily driven by higher sales volume in North America (up 8%). However, segment profit *decreased 7%* due mainly to unfavorable price realization and unfavorable manufacturing costs (largely reflecting the impact of higher tariffs).
*Resource Industries (RI):* Total sales increased *2%* to $3.110 billion. Segment profit decreased **19%**, primarily due to unfavorable manufacturing costs (higher tariffs) and unfavorable price realization.

*CASH FLOW & 2025 OUTLOOK*

Caterpillar maintained strong liquidity and provided updated full-year guidance.

*Cash Generation:* Caterpillar generated *$3.2 billion of ME&T Free Cash Flow* in 3Q 2025. The enterprise ended the quarter with $7.5 billion in cash.
*Capital Deployment:* The company deployed *$1.1 billion to shareholders* in 3Q 2025, which included $0.7 billion for quarterly dividends and $0.4 billion for share repurchases.
*Tariff Impact:* The net impact from incremental tariffs for the full year 2025 is expected to be around **$1.6 billion to $1.75 billion**.
*Full-Year Sales Expectation:* Full-year 2025 sales and revenues are now expected to be *modestly higher* compared to 2024.
*Profit Margin Outlook:* Excluding the net impact of incremental tariffs, 2025 full-year adjusted operating profit margin is projected in the **top half of the annual target range**. Including the tariff impact, the margin is expected **near the bottom of the annual target range**.
*Free Cash Flow Outlook:* Full-year ME&T free cash flow is expected to be *above the midpoint* of the annual target range ($5 billion to $10 billion annually).

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*CAT FINANCIAL PERFORMANCE*

The Financial Products segment maintained strong credit quality despite reduced profit.

*Revenues:* Cat Financial revenues increased *4%* to $1.076 billion.
*Profit:* Segment profit decreased 2% to $241 million, mainly driven by a **higher provision for credit losses**.
*Credit Quality:* Past dues were 1.47% at the end of 3Q 2025, compared with 1.74% in 3Q 2024.

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*RELATED KEYWORDS/TAGS*

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